Deutsche Bank analyst Robyn Karnauskas bumped her price target on Chelsea Therapeutics (NASDAQ: CHTP) from $4 to $5 but maintained a Hold rating following a positive FDA AdCom on Northera. The analyst sees 30% upside and 70% downside into approval.

Karnauskas said the 16 to 1 AdCom vote was positive in the light of negative documents posted by the FDA before the panel. She sees fair value at $8-9/sh if the FDA approves Northera, although she is recommending investors remain on the sidelines given that the FDA had previously decided against the approval after a positive panel in March-2012.

price target of $5.00 (from $4.00)

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